When we moved to Vancouver on the IEC working holiday visa in 2016, coming straight from two years in Australia, one of the first jobs after opening a Canadian bank account was moving our savings over. We’d already learned the hard way in Australia that using your bank costs a fortune, so here’s exactly how to send money to Canada cheaply, from Ireland, the UK, Europe, Australia or anywhere else, and how to send it home again.
Fees and rates change all the time, so always compare on the day you send. We’re not financial advisers. This is our own experience and what our group members use.
Why Not Just Use Your Bank?
Banks rarely charge one obvious fee. They usually take:
- a margin on the exchange rate, often a few percent worse than the real rate, which is where most of the cost hides
- a sending fee, and sometimes a receiving fee at the Canadian end too
On a typical move of a few thousand dollars, that can easily add up to hundreds. We made that mistake when we first moved to Australia and never again.
The rule: always compare how much Canadian dollars actually land in your account, not the advertised fee.
The Cheapest Ways to Send Money to Canada
1. Wise: best for everyday and smaller transfers
Wise uses the real mid-market exchange rate and shows the fee up front, so you know exactly what will arrive. It’s what we use day to day, and it now doubles as our everyday account. Your first transfer is free with our link. It works from Euro, Sterling, Australian dollars, Indian rupees and many more.
2. TorFX: best for larger amounts ($5,000+)
When you’re moving your visa savings or a big lump sum, it’s worth talking to a person. TorFX gives you a dedicated account manager who can advise on timing and rates, and there are no transfer fees. For anything over about $5,000, get a quote from them and compare it with Wise.
Our tip: set up your accounts before you move. Both need ID verification, which is much easier to do from home than in your first chaotic week in Canada.
Sending Money From Australia to Canada
This is exactly the move we made: Australian account to Canadian account. Australian banks are notorious for poor exchange rates on international transfers. Send through Wise (or TorFX for larger sums) straight to your new Canadian account details and you’ll keep far more of your money.
How Long Does It Take?
Usually one to two business days once your money reaches the transfer company, and sometimes faster. Allow extra time for your first transfer while your account is verified, and don’t leave it until the day your rent or deposit is due.
Sending Money From Canada Back Home
Heading home or paying bills back in Ireland or the UK? The same services work in reverse. A few things we learned:
- Some Canadian banks make you send an international wire in branch, with a fee. Paying into Wise from your Canadian account is usually simpler and cheaper.
- Don’t carry a pile of Canadian cash home to exchange at the airport. Bureau rates are some of the worst you’ll get.
- Move your money before you close your Canadian account, while you can still log in from Canada.
Our Recommendation
- Everyday or under $5,000: Wise (first transfer free)
- Over $5,000: TorFX (no transfer fees, your own account manager)
- Avoid: bank-to-bank international transfers and airport exchange bureaus
Still setting up? Read how to choose the best bank in Canada, our 15 things to know about a working holiday in Canada and the best IEC travel insurance.
Steve and Sabina
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